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Banks Disburse Tk 18,326 Crore in Agricultural Loans

Industry: Agriculture & Livestock, Bank, Financial

Banks disbursed Tk 18,326 crore in agricultural loans from July to December FY23-24, comprising over half of the fiscal year’s target. The FY24 target is Tk 35,000 crore, 13.6% higher than the previous year. Recoveries totaled Tk 17,779 crore, surpassing the previous year.

Outstanding balances reached Tk 55,395 crore, up by 8.6%. State-owned and specialized banks targeted Tk 12,030 crore, while private and foreign banks aimed for Tk 22,970 crore. The crop sub-sector received 44% of disbursed credit, with livestock, poultry, and fisheries also significant recipients. Agricultural credit fuels rural economic vibrancy amid global economic challenges.

Direct lending emphasis increases productivity, rural income, and infrastructure, aiding poverty reduction. The government’s focus on agricultural production is pivotal for Bangladesh’s economic growth. Central bank initiatives include concessional interest rates for import-substitute crops and enhancing direct lending channels for farmers.

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